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Building insurance covers your home in addition to other fixtures on your property - such as garages, fences, and sheds - against a wide range of events such as fire, storm, and flood damage. Compare building insurance policies, find the perfect cover, and protect yourself today.
Compare and get a quote for home building insurance
We know price is important, but we don't include costs on our comparison. That's because prices will vary between different buildings. Compare policy benefits, choose the brand that best suits you, and we'll take you directly to the insurer.
Some people could save almost $2,000
For a house valued at $1 million, our research showed a difference of $1,996 between the cheapest and most expensive home insurance policy. Compare policies and see how much you can save.
What do home building insurance policies cover?
Building insurance protects the physical structure of your property from financial loss. The policies are designed to cover your residential home, including flat units, townhouses, terrace houses and free-standing homes.
While building insurance policies can vary, they'll usually cover these parts of your home.
- Garages and carports
- Sheds
- Fences, gates and outdoor walls
- Decks, patios, pergolas and verandahs
- Fixed swimming pools and spas
- Driveways
- Permanently fixed indoor and outdoor items like solar panels and satellite dishes
- Boat jetties and pontoons.
When am I covered?
Insurers have a set of defined events where, if they occur, you should be covered. These include:
Storms
Lightning
Fire
Cyclones
Theft and burglary
Vandalism
Water damage/ escape of liquid
Impact damage
How much does building insurance cost?
Well, we did some research and found that the cheapest policy was $94 a month.
Premium prices will change based on your individual circumstances, so while our research - from 14 home insurers, says the cheapest policy is $94, that was based on our criteria.
Make sure to get a quote (or multiple), so that you get the best value for your money.
| Brand | $500,000 Building - Monthly price | $500,000 Building - Annual price | $1,000,000 Building - Monthly price | $1,000,000 Building - Annual price | Get quote |
|---|---|---|---|---|---|
 | $93.85 | $1,126.05 | $180.90 | $2,170.67 | Get quote |
 | $93.85 | $1,126.05 | $180.90 | $2,170.67 | Get quote |
 | $99.46 | $1,065.64 | $173.55 | $1,859.45 | More info |
 | $146.05 | $1,452.17 | $250.24 | $2,494.14 | More info |
 | $99.66 | $1,067.79 | $173.90 | $1,863.17 | Get quote |
 | $111.19 | $1,234.92 | $273.29 | $3,180.13 | More info |
 | $118.87 | $1,184.59 | $118.87 | $1,184.59 | More info |
 | $76.69 | $920.32 | $111.75 | $1,341.04 | Get quote |
 | $170.51 | $1,705.20 | $291.44 | $2,914.41 | More info |
 | $102.68 | $1,232.10 | $102.68 | $1,232.10 | More info |
 | $141.61 | $1,420.35 | $200.31 | $2,036.81 | Get quote |
 | $143.02 | $1,434.56 | $202.18 | $2,057.17 | More info |
 | $143.02 | $1,434.55 | $202.18 | $2,057.16 | Get quote |
 | $115.68 | $1,335.20 | $133.58 | $1,550.05 | More info |
Learn more about our methodology
- Quotes were obtained for the same 3-bedroom NSW home in Baulkham Hills owned by a family of two.
- Building replacement costs for all quotes were $500,000 and $1,000,000, with an excess of $500.
- Contents were valued at $100,000.
- Quotes were obtained in January 2021 and were for a combined home and contents insurance policy
- Homeowning family of two who moved into their property in 2020.
- Three bedroom, 1 story freestanding house on flat ground with brick veneer walls, terracotta tiled roof, no verandas and built in 1980.
- Windows secured by deadlocks, with no security devices.
Here's some policy wording explained
It's easy to get overwhelmed by a insurers product disclosure statement (PDS). We've explained a few insurance terms so you can understand your building insurance policy a bit better.
| Term | What it really means |
|---|---|
| Defined events | These are the events that your insurer will cover you for, if they occur. They'll be specified in your PDS. Common insured events that most policies cover include storms, fires and thefts. |
| Accidental damage | Accidental damage is when something unexpected happens to your house or belongings that causes financial loss. This is usually offered as an optional add-on to your home insurance policy. |
| Sum insured amount | This is usually the value of your property, and the maximum payout you'll get from the insurer. You'll declare this amount to your insurer, and that's how much money you'll get back if you lose your property to an insured event (minus any excesses). |
| Safety net | Some home insurers offer a buffer (safety net) if your sum insured amount isn't enough to cover the damages or losses to your home. |
| Total replacement | Some home insurers offer to cover you for the total amount if you lose your home. It's a benefit only offered by a few insurers and can help you avoid underinsurance. |
How much cover do I need?
Having the right level of protection in place can save you thousands of dollars in the long run. However, some estimates suggest that as many as 80% of Aussie's are under-insured. Whilst it may seem appealing to cut costs at first, the risk of not having enough cover in place is not worth it.
The building insurance policy you take out should cover the total replacement cost of your property, including other expenses which may arise such as temporary accommodation. If you're under-insured, you'll have to pay the gap between what your policy covers and the replacement cost for your building, which in many cases could be a substantial amount of money.
The building insurance policy you take out should cover the total replacement cost of your property, including other expenses which may arise such as temporary accommodation. If you're under-insured, you'll have to pay the gap between what your policy covers and the replacement cost for your building, which in many cases could be a substantial amount of money.
Don't forget these building insurance offers in April 2021
Buying your policy online can save you heaps. Here are some promotions available at the moment.
Buy online and save up to 20% on a home insurance policy with Australian Seniors. Offer applies to new policies bought online. Discount is made up of a 10% online discount for the first year, and a further 10% if you hold a Seniors Card or 5% for non-card holders over the age of 50. T&Cs apply. Last verified
15% online discount on home insurance Save 15% on your first year's premium when you purchase cover online. T&Cs apply. Last verified
Get Qantas Points when you buy a new Qantas Home Building Insurance policy. Earn up to 20,000 Qantas Points when you buy a new home building insurance policy. T&Cs apply. Last verified
Deal ends
Get 15% off on Building Insurance Get 15% off for your first year when you use this coupon code. Last verified
15% off new policies Save up to 15% when you apply online. T&C's Apply. Last verified
Get 15% off on Building Insurance when you buy online Buy online and save 15% off your annual premium for the first year with promotional code cover. Last verified
15% online discount on new home building insurance Get 15% off your first year's premium when you purchase a new Home Insurance policy online. T&Cs apply. Last verified
Deal ends
Get 10% off on home insurance Save up to 10% when you purchase cover online.
Last verified
Australian Seniors Home Insurance Deals
Budget Direct Home Insurance Deals
Qantas Home Insurance Deals
Westpac Home Insurance Deal
Virgin Home Insurance Deals
St.George Home Insurance Deals
Domain Insure Home Insurance Deals
Real Home Insurance Deal
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Frequently asked questions
Are there any other insurance options if I need to protect a building?
Definitely. If you need a more corporate type of insurance, you can consider commercial building insurance or strata building insurance.
Commercial building insurance:
If you've got a commercial property as opposed to a residential then commercial building insurance might be a better fit. These policies provide cover for your business' contents, fixtures and fittings against a variety of events that can result in loss or damage.
Strata building insurance:
This type of insurance is designed to provide cover for strata title properties and to be taken out by a body corporate or owners corporation. It includes cover against risks like fire, flood, storm and earthquake, as well as loss of rent if property damage forces tenants to leave. Theft, malicious damage, water and oil leaks, broken glass and legal liability are also included in cover.
Will home insurance cover damage caused by termites?
Damage from pests such as termites is usually not covered as insurance companies see pests as the homeowner's responsibility. It's perceived as a preventable damage, rather than an accident. If your property is prone to termites it's best to become aware of this as soon as possible and treat it as necessary.
How do I get cover for flood damage?
First of all, you need to buy a policy before any damage occurs.
For most home insurers, flood cover is not included. So during the application process, you'll need to add it on to your policy. You'll probably have to pay a bit more for this.
Read more:
Picture: GettyImages
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